SOC One PIT Stop

[Audio] SOC One PIT Stop. SOC One PIT Stop.

[Audio] S-O-C pit-stop discussion SOC Reporting Types of SOC Audit Benefits of SOC Audit Managed Services and benefits of SOC 2 report.

[Audio] SOC Reporting SOC 1 SOC 2 SOC 3 Internal controls over financial reporting (can be used to meet S-O-X requirements for service providers) It’s a Confidential report shared only with clients. SOC 2 audit is necessary for any company that accesses stores or uses another company’s data. SOC 2 audits are based on the trust service criteria. Below are the 5 trust service criteria covered in the SOC 2 audit It’s a Confidential report shared only with clients. SOC 3 Report is a public and sharable version of SOC 2..

SOC Reporting (contd.). SOC 1 (SSAE 18): Focuses on a service organization's controls over financial reporting. It's used by organizations that provide services that affect their clients' financial statements, such as payroll processing or billing services. SOC 2: Focuses on a broader range of controls, including security, availability, processing integrity, confidentiality, and privacy. It's used by a wider range of organizations, including cloud service providers, data centres, and software vendors. SOC 3: This is a public version of a SOC 2 report. It provides a high-level overview of an organization's controls and is designed for a general audience..

[Audio] Types of SOC Audit Both SOC 1 and SOC 2 reports come in two main types: Type I and Type II. The key difference between them lies in the period of focus during the audit: Type I SOC Report: This is a point-in-time assessment. It evaluates whether the design of a service organization's controls is suitable to achieve the stated control objectives. In simpler terms a Type I report confirms that appropriate controls are in place. Type II SOC Report: This is a more in-depth examination. It goes beyond just the design of controls and assesses their operating effectiveness over a period of time (typically 3-6 months). A Type II report verifies that the designed controls are functioning as intended and consistently deliver the desired outcome..

[Audio] benefits of SOC Audit Prevention The biggest value of a S-O-C audit is getting an independent third-party review of the organization’s processes and controls. This can point out weaknesses or gaps which could save big embarrassment to any organization down the road by correcting an issue before a customer has a bad experience. Efficiency A second value is less time spent dealing with the customers’ auditors. Especially in a SOC 1 audit the customers’ auditors can typically fully rely on this report to get everything they need. If an organization does not have a SOC 1 audit expect them to ask a lot of questions or even ask to come onsite and review the operations processes and controls. (This can be a big hassle to the organization and its employees and could affect current customers by delaying projects or increasing error rates.) Differentiation By having a S-O-C audit performed an organization can set itself apart from the competition. With today’s aggressive business environment any competitive edge an organization can obtain can be the make-it-or-break-it deciding factor when it comes to picking a service provider..

[Audio] Managed Services and benefits of SOC 2 report [Managed services providers (MSPs) offer a variety of IT services to businesses including security services. A SOC 2 report is a valuable tool that M-S-P-s can use to demonstrate their commitment to security. A SOC 2 report can provide several benefits for managed service providers including: Increased trust and credibility: A SOC 2 report shows that an M-S-P has undergone a rigorous independent audit of its security controls. This can help to increase trust and credibility with potential and existing customers. Improved competitive advantage: In today's competitive marketplace a SOC 2 report can be a differentiator for MSPs. It can help to set them apart from their competitors and win new business. Enhanced compliance: A SOC 2 report can help M-S-P-s to comply with industry regulations and standards. This can be especially important for M-S-P-s that serve clients in highly regulated industries such as healthcare or finance. Stronger client relationships: A SOC 2 report can help to build stronger client relationships by demonstrating an MSP's commitment to security. This can lead to increased customer satisfaction and loyalty. Overall a SOC 2 report is a valuable tool that can help managed service providers to improve their security posture increase trust with customers and win new business..

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[Audio] About Capgemini Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology. The Group is guided everyday by its purpose of unleashing human energy through technology for an inclusive and sustainable future. It is a responsible and diverse organization of over 360000 team members more than 50 countries. With its strong 55-year heritage and deep industry expertise Capgemini is trusted by its clients to address the entire breadth of their business needs from strategy and design to operations fueled by the fast evolving and innovative world of cloud data AI connectivity software digital engineering and platforms. The Group reported in 2022 global revenues of €22 billion. Get The Future You Want | www.capgemini.com.